Therapy to Wealth -- Hank's Journey from Shrink to Real Estate Investor

Therapy to Wealth -- Hank's Journey from Shrink to Real Estate Investor

Beau interviews Henry Svec, a Canadian real estate investor who was a psychologist for 30 years. He talks about his journey into real estate investing, starting with a foreclosure property he bought in 1987 for $52,000, which he turned into a cash-flowing property by building garages to rent out. He then went on to buy more properties in Waterloo, Ontario, where he and his wife bought their first house for their children who were going to university, and they rented out rooms to pay off the mortgage.

Henry talks about his good and bad deals, one of which was buying a building for a million dollars, causing him a great deal of anxiety initially but later bringing him joy. He also talks about a deal that he calls a home run, where he was able to buy a beautiful building and a lot for $370,000, which he thought was a deal because he was only expecting to pay $300,000 for his half of the building.

The conversation touches on the topic of beekeeping and how it relates to real estate investing.
Additionally, Henry shares stories about a good deal that ended up being bad and a bad deal that ended up being good, and talks about a legacy deal that he was lucky to have been a part of.

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Timestamps:
[00:14] Beau introduces Henry Svec on the show and talks about his credentials
[01:15] How did Henry get involved in real estate?
[03:41] A bad deal that turned into a good deal
[04:30] An absolute home run deal amongst Henry’s legacy deals
[07:55] Environmental footprint credits
[09:56] Young people today want to know if the employer cares about the environment
[11:24] When you are complimentary to the environment, good things happen
[11:52] You can buy a lot of things that are not for sale even when people tell you they don’t want to sell them
[14:43] Henry’s “Shrink Money Advice” to people who want to get started in the business
[16:17] The taxes on the communities are very important
[17:00] You don’t need to maximize density; your game is sustainability.
[17:23] Every business has to have a business model
[19:45] You got to do your due diligence to the best of your ability and take action
[20:45] How confident are you that your business is going to be successful?
[21:05] Henry talks about his biggest mistake in his life and business career
[23:13] Young people today especially young entrepreneur doesn’t have a system
[25:55] What did Henry learn from the bees?
[26:53] As a young investor, you listen to bankers most of the time
[27:45] Take responsibility for your money
[29:13] Can you make money in mutual funds?
[33:06] 99% of the investment and real estate business won’t process or learn from mistakes
[35:34] You can be able to make money with bad credit and even if you have no money
[37:15] Are there comparable kinds of lenders that are accessible to people in the US?
[37:58] Credit union is the best debt out there
[39:25] Everybody is scared that the bank is going to accelerate the loan
[40:24] What’s the square foot cost to build or replace?
[43:44] A good value opportunity in certain markets
[46:07] Physical space is necessary but it’s hard to do in a city
[47:10] There are certain tax reductions you can take if we do cost segregation
[47:56] Just buy good deals and don’t be in a rush
[48:36] Don’t lose your money, you have to survive, survival is number one both for bees and investors
[48:42] Little bits become big bits
[49:17] What’s the probability of failure like the honeybees?
[49:58] You don’t have to fight all the way to the end with litigation but the people that are opposing you have to know you are willing to do that
[50:24] You only learn when you fail; if you avoid failure you are never going to learn
[50:42] Go to wildflowerbeefarm.com to learn more from Henry

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💥 Thanks for watching 💥
#Therapytowealth #realestateinvesting #realestateinvestor

About Beau: Beau Eckstein is a real estate entrepreneur, TV personality, and commercial mortgage advisor, specializing in construction financing and multi-family lending.

🎥 The video interviews we do on IFP will help you scale your real estate business and learn how to finance all your projects.

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